来源：人民日报海外版 作者：李嘉宝 进入2026年，中国消费市场热力十足：元旦假期，中国国内出游1.42亿人次，总花费847.89亿元；"国 补"新政落地增强消费信心，推动绿色家电、科技产品、新能源汽车等交易火热；免签红利持续释放、 免税购物政策不断优化，"中国游"带火"中国购"……近期，在多家外媒的报道中，"冰雪游""以旧换 新""中国购""国潮文化"等成为高频词。海外舆论认为，中国消费市场正实现从"量"到"质"的变革，将为 世界各国提供巨大机遇。 消费活力—— "中国产品的多样性、创造力与高质量正吸引全球消费者" "从北国雪乡到南国暖阳，中国通过多样化的冬季旅游产品和体验吸引了大量游客。"近日，国际旅游媒 体《旅行与旅游世界》网站刊文称，元旦假期，中国冰雪旅游成为冬季消费的重要引擎，国内外游客纷 纷涌向雪乡、滑雪场及温泉度假区。多地游客数量创下新高。南方"避寒游"同样表现亮眼，海南成为许 多游客温暖的"越冬"选择，封关红利与假期效应叠加，进一步激发消费热情。1月1日，海南离岛免税销 售额达2.51亿元，同比增长93.8%。 孟加拉国《闪电报》网站以《中国自信地迈入2026年》刊文称，元旦假期，中国旅游市场 ...

人民日报海外版记者 李嘉宝 进入2026年，中国消费市场热力十足：元旦假期，中国国内出游1.42亿人次，总花费847.89亿 元；"国补"新政落地增强消费信心，推动绿色家电、科技产品、新能源汽车等交易火热；免签红利持续 释放、免税购物政策不断优化，"中国游"带火"中国购"……近期，在多家外媒的报道中，"冰雪游""以 旧换新""中国购""国潮文化"等成为高频词。海外舆论认为，中国消费市场正实现从"量"到"质"的变革， 将为世界各国提供巨大机遇。 消费活力—— "中国产品的多样性、创造力与高质量正吸引全球消费者" "中国'十五五'规划建议的一大亮点是促进消费" 多家外媒指出，中国消费市场热力足、新意浓，离不开一系列政策"组合拳"发力。 路透社的报道称，2025年12月举行的中央经济工作会议指出，中国2026年将继续实施更加积极的财 政政策，刺激消费和投资，以保持高速增长。报道称，此次会议提出深入实施提振消费专项行动，制定 实施城乡居民增收计划，释放服务消费潜力等，"中国在提振消费方面的政策更加具体了"。 巴西财经媒体"Money Times"关注，2025年12月，中国商务部、中国人民银行、国家金融监管总局 联合 ...

进入2026年，中国消费市场热力十足：元旦假期，中国国内出游1.42亿人次，总花费847.89亿元;"国 补"新政落地增强消费信心，推动绿色家电、科技产品、新能源汽车等交易火热;免签红利持续释放、免 税购物政策不断优化，"中国游"带火"中国购"……近期，在多家外媒的报道中，"冰雪游""以旧换新""中 国购""国潮文化"等成为高频词。海外舆论认为，中国消费市场正实现从"量"到"质"的变革，将为世界 各国提供巨大机遇。 消费活力—— "中国产品的多样性、创造力与高质量正吸引全球消费者" "从北国雪乡到南国暖阳，中国通过多样化的冬季旅游产品和体验吸引了大量游客。"近日，国际旅游媒 体《旅行与旅游世界》网站刊文称，元旦假期，中国冰雪旅游成为冬季消费的重要引擎，国内外游客纷 纷涌向雪乡、滑雪场及温泉度假区。多地游客数量创下新高。南方"避寒游"同样表现亮眼，海南成为许 多游客温暖的"越冬"选择，封关红利与假期效应叠加，进一步激发消费热情。1月1日，海南离岛免税销 售额达2.51亿元，同比增长93.8%。 孟加拉国《闪电报》网站以《中国自信地迈入2026年》刊文称，元旦假期，中国旅游市场的相关数据凸 显强劲的人口流动性、不 ...

王树成摄（人民图片） 1月1日，陕西省西安市举办2026"长安灯会·西安城墙"新春系列文化活动，外国游客登城墙、赏花灯。 1月6日，四川省乐山市市中区一家大型商业购物中心内，消费者在挑选新款手机。 李华时摄（人民图片） 1月7日，游客在浙江省湖州市德清县下渚湖·奇幻谷景区户外冰场体验冰上自行车。 张 成摄（人民图片） 进入2026年，中国消费市场热力十足：元旦假期，中国国内出游1.42亿人次，总花费847.89亿元；"国 补"新政落地增强消费信心，推动绿色家电、科技产品、新能源汽车等交易火热；免签红利持续释放、 免税购物政策不断优化，"中国游"带火"中国购"……近期，在多家外媒的报道中，"冰雪游""以旧换 新""中国购""国潮文化"等成为高频词。海外舆论认为，中国消费市场正实现从"量"到"质"的变革，将为 世界各国提供巨大机遇。 消费活力—— "中国产品的多样性、创造力与高质量正吸引全球消费者" "从北国雪乡到南国暖阳，中国通过多样化的冬季旅游产品和体验吸引了大量游客。"近日，国际旅游媒 体《旅行与旅游世界》网站刊文称，元旦假期，中国冰雪旅游成为冬季消费的重要引擎，国内外游客纷 纷涌向雪乡、滑雪场及温泉度假区 ...

耐用消费产业行业研究 2026 年 01 月 11 日 买入（维持评级） 行业周报 证券研究报告 国金证券研究所 分析师：赵中平（执业 S1130524050003 ） zhaozhongping ＠gjzq.com.cn 分析师：唐执敬（执业 S1130525020002 ） tangzhijing＠gjzq.com.cn 联系人：谢俪丹 xielidan＠gjzq.com.cn 26H2 别样消费长牛有望开启，四大新消费主线领航 投资逻辑 26H2 别样消费长牛有望开启，四大主线有望领航。历史周期看 A 股呈现 3-4 年周期性波动规律，科技、周期+消费、 制造顺次轮动；2025 年 7 月开启的"反内卷"改革恰如 2015 年 10 月开启的"供给侧"改革，时代背景与传导时间虽 有不同，但传导路径有望相似，26H1 先周期成长行情，26H2 后消费顺次接力。对比当前与 2016 年的差异：（1）科技 周期位置不同：AI+消费机遇；（2）城镇化率位置不同：品牌出海机遇；（3）人均 GDP 位置不同：情绪价值机遇；（4） 人口结构位置不同：银发消费机遇。 细分赛道景气跟踪 潮玩：龙头泡泡玛特马年新春系列限定 ...

Group 1: Economic Overview - In 2025, China's economy is characterized by strong growth and a focus on quality, with consumption as a key driver [1] - The total box office for the Chinese film market has surpassed 50 billion yuan, showcasing its robust vitality [2] Group 2: Film Industry Insights - The animated film "Ne Zha" has achieved a global box office of over 15.9 billion yuan, ranking among the top five in global box office history [2] - The integration of film IP and "ticket root economy" is notable, with significant sales of merchandise related to films like "The King's Avatar" [4] Group 3: Sports Economy - The 15th National Games introduced a "whole sports package," enhancing regional consumption and generating nearly 38 billion yuan in service revenue from five monitored locations [6] - The Xiang Super League has also contributed to significant consumption, with direct and indirect related consumption exceeding 20 billion yuan [6] Group 4: Youth and Trendy Products - The rise of trendy toys has created a new consumption ecosystem, with the market for "doll clothing" expanding significantly [9] - New professions such as IP designers and toy planners are emerging, driven by the growth of the trendy toy market [9] Group 5: Silver Economy - The elderly population in China has surpassed 310 million, leading to a shift in consumption patterns towards quality and self-indulgence [10] - Sales revenue from cultural and entertainment activities for the elderly has increased by 20.7%, with tourism services up by 26.2% and sports health services by 23.9% in the first half of 2025 [10] Group 6: Lifelong Learning for Seniors - The elderly are increasingly engaging in knowledge-based consumption, with the elderly education market expected to exceed 400 billion yuan by 2025 [11] - A new ecosystem for elderly education is forming, blending online and offline learning experiences [11]

Group 1: Market Overview - The implementation plan aims to create three trillion-level consumption sectors and ten hundred-billion-level consumption hotspots by 2027, with the elderly products market being one of the trillion-level sectors [1] - The elderly products market in China has grown from 2.6 trillion yuan in 2014 to 5.4 trillion yuan in 2024, reflecting a compound annual growth rate of 7.3% [1] Group 2: Technological Innovations - The introduction of exoskeleton robots in parks has garnered interest from elderly individuals, providing assistance that reduces physical exertion by approximately 30% [7][9] - Smart wheelchairs equipped with AI algorithms can autonomously navigate based on user commands, addressing mobility challenges for the elderly [13][15] - The acceptance of technology among the elderly is increasing, with 68.2% of individuals aged 60-75 using smart devices [17] Group 3: Elderly Tourism Trends - The elderly tourism market has evolved from traditional sightseeing to a more personalized and quality-focused experience, with over 280 million elderly tourists expected in 2024 [21] - Customized travel products are on the rise, with a 42% year-on-year increase in cross-province travel orders for the 55-70 age group, and 35% of these being tailored travel options [25] Group 4: Health and Wellness Services - High-quality health and wellness services are becoming essential in addressing the aging population, with advancements in medical insurance and smart elderly care facilities [29][35] - The integration of medical services across regions has improved elderly care, allowing for direct settlement of medical expenses without prior approval [29] - The development of elderly care centers is supported by government funding, with significant growth in the number of facilities and available beds [35]

Core Points - The "Soo-style Elderly Care and Enjoyment" theme series of activities for the elderly consumption month was launched on October 29, coinciding with the Double Ninth Festival [1] - The initiative aims to enhance the elderly's experience of "Soo-style elderly care" through a combination of online and offline activities, showcasing high-quality elderly care services in Suzhou [1] - The event features various activities and multiple benefits for the elderly, promoting a vibrant elderly care industry [1] Summary by Categories - **Event Launch** - The series of activities is designed to take place around the Double Ninth Festival and the Elderly Respect Month [1] - The event is titled "Soo-style Elderly Care and Enjoyment" and aims to provide a warm experience for the elderly [1] - **Recognition and Awards** - The National Aging Office recognized several units and individuals for their contributions to elderly care, with Suzhou having 7 units and 10 individuals awarded [1] - **Service Projects** - Three major elderly service projects were announced, including the unveiling of a grassroots elderly-friendly living experience center [1] - The first "Old My Old" elderly-themed supermarket signed a contract to join the "Soo Elderly Care No. 1 Store" platform [1] - The "Wander Suzhou Light Journey" elderly walking tour activity was also launched, highlighting the unique charm of elderly enjoyment in the ancient city [1] - **Community Engagement** - Following the launch ceremony, city aging committee leaders visited elderly care institutions and representatives of centenarians [2]

Core Viewpoint - The silver economy in China is rapidly expanding, driven by an aging population and increasing demand for diverse and quality consumption experiences among the elderly [3][4]. Group 1: Market Overview - The current market size of China's silver economy is approximately 7 trillion yuan, with core drivers being essential needs, health, and self-enjoyment [3]. - By the end of 2024, the elderly population aged 60 and above in China is projected to reach 310 million, accounting for 22% of the total population [3]. Group 2: Policy and Market Drivers - Recent government initiatives, such as the "Consumption Promotion Special Action Plan," emphasize the development of industries catering to the elderly, including anti-aging and silver tourism, thereby injecting strong momentum into the market [4]. - The combination of policy support and market demand is facilitating the continuous expansion of the silver consumption market [4]. Group 3: Consumer Experience and Environment - Enhancements in the consumption environment are essential, focusing on improving convenience for the elderly, such as retrofitting old residential areas with elevators and barrier-free access [5]. - Various regions are implementing age-friendly modifications in public transport and tourism, including dedicated train services for elderly travelers, equipped with medical personnel and safety features [5][6]. Group 4: Safety and Regulation - The elderly consumer market has been a weak link in regulatory oversight, with frequent incidents of online scams and financial fraud targeting this demographic [6]. - Strengthening consumer protection mechanisms and enhancing public awareness of risks are crucial for safeguarding the rights and interests of the elderly [6].

Core Insights - The silver economy in China is experiencing significant growth, with a market size of approximately 7 trillion yuan, driven by the aging population and changing consumer preferences [3][4] - The number of individuals aged 60 and above is projected to reach 310 million by the end of 2024, accounting for 22% of the total population, highlighting the demographic shift [3][4] - Government policies are actively promoting the development of industries catering to the elderly, such as anti-aging and silver tourism, to unlock market potential [4][5] Market Dynamics - The core drivers of silver consumption are categorized into three main areas: essential needs, health, and self-enjoyment [3] - The transition from "elderly care" to "enjoying old age" reflects a broader trend in consumer behavior among the elderly, who are increasingly seeking diverse and high-quality experiences [3][4] Policy and Infrastructure - Recent government initiatives, such as the "Consumption Promotion Special Action Plan," emphasize the importance of developing industries that cater to the elderly, thereby providing strong support for market expansion [4][5] - There is a pressing need for infrastructure improvements to enhance the convenience of daily life for the elderly, including the installation of elevators and accessible pathways in older residential areas [5][6] Safety and Regulation - The elderly consumer market has been identified as a weak link in regulatory oversight, with issues such as online scams and financial fraud targeting this demographic [6] - Strengthening consumer protection mechanisms and enhancing public awareness of risks are essential to safeguard the interests of elderly consumers [6]